South Korea set to announce property stimulus plans
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The South Korea government plans to announce a package of measures to bolster the slumping local property market next week following policy coordination with lawmakers, a senior official said yesterday.
The finance ministry official said that the government views current market conditions as very serious and requiring measures that can help non-speculative home buying transactions to take place.
“The focus will be to make it possible for people who really need to purchase homes to do so,” said the official, who declined to be identified. Without going into details, he said easing regulations on mortgage loans could be included in the new measures, which the government had originally planned to unveil in late July, but failed to make them public due to differences among related ministries.
Other official sources said the current debt-to-income (DTI) ratio ceiling will not be changed outright in order to prevent property speculation, but waivers may be permitted for people who do not own a house or those who own one home.
